Explanation on Due Dates of GST Returns

Indian Economy has headed towards its biggest tax reforms ever. The whole World is watching this roll out, as Indian Economy has moved towards a destination based tax-reporting structure -”Goods and Service Tax”.

The government has released the GST returns forms which are mandated to be filed according to the specified due dates. The submission and uploading of the returns are totally online.

Understanding the GST Returns:

Proper filing of the returns is a mandatory process for smooth flow of credit to the last recipient.The returns have been so framed that all transactions are in sync with each other and that no transaction is left unattended between the buyer and the seller.

Following Table summarizes the due dates up to which the GST returns are to be filed.

Sr.No.

Name of the Return

Due date to file the Return

1.

GSTR-1

Need to provide the details of outward supplies (sales) of taxable goods or services or both.

For small and medium businesses with total annual turnover up to Rs. 1.5 crore, starting from the Third Quarter of this Financial Year i.e. October-December, 2017.

Taxpayers with annual turnover more than Rs 1.5 crore.

Quarterly Return (due date is to be announced)

Monthly Return by 10th of the next month

2.

GSTR -2

Need to provide the details of inward supplies of taxable goods or services or both claiming input tax credit

For small and medium businesses with total annual turnover up to Rs. 1.5 crore, starting from the Third Quarter of this Financial Year i.e. October-December, 2017.

For small and medium businesses with total annual turnover up to Rs. 1.5 crore, starting from the Third Quarter of this Financial Year i.e. October-December, 2017.

Taxpayers with annual turnover more than Rs 1.5 crore.

Quarterly Return (Due date is to be announced)

Monthly Return by 20th of the next month

4

GSTR-3B

Provide the summary details of outward supplies (sales) and inward supplies (purchases) along with the payment of tax

Monthly Return by 20th of next month

5

GSTR-4

Return for dealers who have opted for composition scheme

Quarterly Return by 18th of the month after the quarter ended.

6

GSTR-5

Return for Non-Resident foreign taxable persons

Monthly Return by 20th of next month

7

GSTR-6

Return for Input Service Distributor

Monthly Return by 13th of next month

8

GSTR-7

Return for Authorities deducting Tax at source

Monthly Return by 10th of next month

9

GSTR-8

Need to provide the details of supplies effected through e-commerce operator and the amount of tax collected

Monthly Return by 10th of next month

10

GSTR-9

Return to be submitted Annually

31st December of the year

11

GSTR-9A

Returns to be submitted Annually by the dealers who have opted for Composition scheme.

31st December of the year

12

GSTR-10

Final Return for the taxpayer after surrendering or cancellation of the registration

Within 3 months from the cancellation of registration

13

GSTR-11

Inward Supplies statement for UIN Holders

Monthly Return by 28th of next month

For the month of JULY, AUGUST and SEPTEMBER, there are slight change is the due dates for filing the GST Returns. Following table summarizes the same.

Sr.No.

Type of Return

July

August

September

1.

GSTR-1

10th October 2017

To be announced

To be announced

2.

GSTR-2

30th November 2017

To be announced

To be announced

3.

GSTR-3

11th December 2017

To be announced

To be announced

4.

GSTR-3B

10th August 2017

20th September 2017

20th October 2017

Interest on Late GST Payment on missing the Due Dates:

The interest on Late payment of GST is levied at the rate of 18% per annum. Further, if any person takes undue or excess claim of the input tax credit (ITC) then he is liable to pay interest at the rate of 24% instead of 18%.

The interest rate is to be charged flat for each taxpayer and there is concession even for small taxpayers. Hence it is better to pay tax on time to avoid any payment of interest.

Further, the interest shall be calculated from the next day immediately from the day when the tax was payable.

For example, Your tax liability is Rs 2000 and you have not paid tax on time for the given month. Now, if you pay tax after one day from the due date, the interest will be calculated as 2000*18/100*1/365 = Rs. 0.98 Per day.

Penalty on missing the GST Return Due Dates:

In case if a taxpayer does not file his/her return within the due dates mentioned above, he shall have to pay a late fee of Rs. 200 i.e. Rs.100 for CGST and Rs.100 for SGST per day (up to a maximum of Rs. 5,000) from the due date to the date when the returns are actually filed.